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mdfernandezcpa
Level 2
March 18, 2025
Question

My client has a foreign tax credit carried forward from 2023, in 2024 they have Canadian pension income with no withholding. Can I offset this year's income with the TFC carried forward even though no foreign tax was paid in 2024??

  • March 18, 2025
  • 2 replies
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    2 replies

    sjrcpa
    sjrcpa
    Level 15
    March 18, 2025

    Maybe. What happens when you fill out the 1116 with the foreign pension income?

    The more I know the more I don’t know.
    mdfernandezcpaAuthor
    Level 2
    March 18, 2025

    The gross pension income appears on line 1 of the 1116 and a portion of the credit carried forward from 2023 is being utilized, with the unused balance carried forward to 2025.  There are no critical diagnostics generated.  It appears that the program is accepting this.

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